Special FD schemes: To deal with falling deposits, several Indian banks have launched limited-period special Fixed Deposit schemes on fixed tenure with higher interest rates. Many of these fixed deposit schemes, launched over the past two months, can be a good investment option for Indian investors seeking a reliable and steady return on their savings. Here are the top special FD schemes launched recently that provide higher interest rates.
Top 5 FD schemes with higher interest rates
SBI Amrit Vrishti scheme
The government-owned bank launched a new Retail Term Deposit Scheme variant in July of this year. The Amrit Vristhi FD Scheme allows customers to deposit their money for 444 days tenor and earn an interest rate of up to 7.25%. Senior Citizens can earn an interest rate of up to 7.75%. The scheme started on July 15, 2024, and is open for investment until March 31, 2025. This means investors will have ample time and opportunity to accumulate money and invest in this special bank FD scheme.
People interested in investing in SBI’s Amrit Vrishti Scheme can visit nearby SBI branches, YONO SBI, YONO Lite, and SBI internet banking (INB). There is also an option of premature withdrawal after paying a certain amount as a penalty.
Bank of Baroda’s Monsoon Dhamaka Scheme
BOB’s Monsoon Dhamaka FD scheme was launched in July 2024. The scheme offers an interest rate of 7.15% on deposits for a tenure of 333 days, which is 7.65% for senior citizens. Another option under the scheme provides an interest rate of 7.25% to general investors for a 399-day deposit, which increases to 7.40% on non-callable deposits. Senior citizens can avail an interest rate of up to 7.75%.
IND Super 400 Days
Indian Bank has launched a limited period, a particular FD scheme for customers, lasting 300 to 400 days. The Chennai-based Public Sector Bank (PSB) has launched special FD schemes called “Ind Super 400” and “Ind Super 300 days”. In IND Super 400 days, the PSB offers a 7.25% interest rate to the general public and a 7.75% interest rate to senior citizens for a 400-day tenure. Under the IND Supreme 300-day FD scheme, senior citizens can get an interest rate of 7.55% for a 300-day tenure. The FD interest rate is limited to 7.05% for the general public. The scheme is available for deposits till September 30, 2024.
IDBI Bank FD scheme
IDBI Bank’s Amrit Mahotsav is another great option for investors who want to get the most out of their fixed deposits. The scheme, which is valid until September 30, 2024, provides fixed deposits for 375 days and 445 days. The bank provides a 7.05% interest rate to general citizens and 7.55% to senior citizens for a 300-day tenure.
For Utsav FDs maturing in 375 days, bank offers7.25% interest rates for general citizens and 7.75% for senior citizens. The interest rate increases to 7.35% for general citizens and 7.85% for senior citizens under 444 days tenure.
RBL bank Vijay FD scheme
RBL launched a special 500-day tenureVijayFixed Deposits scheme for its customers on Independence Day. Under the scheme, RBL bank offers a higher interest rate of 8.6% per annum for a 500-day tenor. The scheme offers an interest rate of8.10% for general citizens and 8.6% for senior citizens for 500 days.
“RBL Bank is proud to honor India’s bravehearts who shape our nation every day. Presenting Vijay Deposit, a special fixed deposit that offers a higher interest rate of 8.6%* per annum for a 500-day tenor. Open now –https://bit.ly/3YIIOE3,” RBL Bank wrote in a post on social media platform X.